The Chicago Cubs have filed for Chapter-11 bankruptcy protection as a way to speed the sale of the franchise to the Ricketts family.
Major League Baseball owners unanimously approved the sale of the organization last week. Now all that’s left is for the club to clear bankruptcy waivers.
The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the team, Wrigley Field and related properties. It allows the Tribune Company to wash it's hands of the team completely.
The team’s brief stay in Chapter 11 is expected to protect the team’s new owners from potential claims from Tribune creditors.
Tribune, which also owns the Chicago Tribune and the Los Angeles Times, filed for bankruptcy protection in December, but the Cubs were not included in the filing.
The filing makes the Cubs the first team in 39 years to file for Chapter-11.